AutoLoanComparison

Instructions:
Itstimetochopsforaloan.Assumeyouarebuyinganewfor$20,000.Youaretradingin
youroldcarandincludingitinyourdownpayment.Yourdownpaymenttotals$5,000.The
principaloftheloanis$15,000.Therepaymentperiodis4years.Lookforfourfinancial
institutionsandcompletethetablebelow.Thiswillgoinsection3.2ofyourportfolio.

KindofLoan:NewCarLoan
Principal:15kRepaymentPeriod:4Yearsor48
months

Nameof
Financial
Institution

APR

Finance
Charge

TotalCost

Monthly
Payment

ChaseBank

1.88%

$582.72

$20,582.72

$324.64

CapitalOne

2.69%

$838.08

$20,838.08

$329.96

PNCBank

2.34%

$727.68

$20,727.68

$327.66

Bankof
America

2.34%

$727.68

$20,727.68

$327.66